Hatched Series: Agriculture with Blockchain Maverick Yog Shrusti
Yo, welcome to the latest Hatched Podcast episode, where Glycel gets down with the real deal. Meet Yog, an entrepreneur who’s been around the tech block and back, co-founding some crazy cool projects in the blockchain scene: Ekta, a project that connects the physical world with Web3, and Farmsent, the world’s first farmer’s blockchain. Get ready to ride the wave as they dive deep into Yog’s personal journey, the challenges farmers face in the agricultural industry, and the transformative potential of blockchain.
Meet Yog: Rocking the Entrepreneurial Ride
A tech trailblazer with the spirit of an entrepreneur, Yog wasn’t always into blockchains and tokens. He started off grinding in the early 2000s, recounting his unconventional career trajectory. He rolled from being an economist to delving into computer science, and eventually starting a digital agency, defying the doubters who thought digital was just a fad.
“I remember telling people that digital is going to take over. Some of them were believing, and some of them were not. When they look at the budget distribution, it’s 95% (offline materials) and 5% (digital). Obviously, nobody believes that digital is going to take over.”
Despite skepticism about the rise of digital platforms, Yog’s predictions proved prescient as digital marketing giants like Facebook and Google began to dominate the industry. This early success set the stage for his later ventures in the blockchain realm.
Ekta: From Building an Island to Building a Better Future
Yog shares the fascinating story of Ekta, which started as a project aimed at building an island with fancy villas. The project’s transformation was sparked by the realization that building an island for luxury real estate doesn’t make any sense. He brainstormed with his pal about making use of the island for the startup community.
“But we were still thinking tech startups don’t need an island. At that time, Web3 people were thought to be money launderers or speculators. There weren’t much good words to speak about Web3.”
Recognizing the potential impact on a deserving community, the focus turned to creating a paradigm shift that could bring true change. The pivotal word in this transformation was “change” — the catalyst that ignited a reevaluation of the approach. The initial idea of building extravagant villas was insufficient to drive the desired impact. This realization led to the decision to embark on a comprehensive Web3 journey.
This journey was marked by an ambitious spirit, even venturing into the creation of a custom blockchain network, a true testament to their determination to overcome challenges.
The realization was clear: the project needed to resonate deeply with the community and larger societal well-being rather than merely catering to the wealthy. As a result, a decision was made to take a step back, allowing for a more balanced involvement in the pursuit of genuine impact.
Farmsent: The Blockchain Crop Revolution
The conversation shifts to Farmsent, a project Yog co-founded to address pressing challenges in the agricultural industry. Yog highlights the alarming statistic that millions of farmers have left the profession due to unsustainable practices and tiny paychecks. Farmsent seeks to empower farmers by bringing honesty and transparency, leveraging blockchain to create a trustworthy platform for transactions. The aim is to optimize the role of middlemen and encourage fair compensation for farmers.
Alas, it’s not all sunshine and rainbows. Yog discusses the challenges of integrating blockchain technology into heavily regulated industries like agriculture. He emphasizes the importance of working with regulators and aligning strategies with their goals. Yog praises the proactive approach of certain countries like Dubai and Singapore in fostering blockchain innovation. Additionally, Yog drops some wisdom on the necessity of simplifying blockchain tools for regular folks, such as farmers, to ensure successful adoption.
“The only seed the farmer is comfortable with is the seed he’s putting on the ground. So don’t give him a seed phrase.”
Parting Wisdom and Questions for the Future
As a seasoned entrepreneur, Yog imparts valuable advice to his younger self: embrace risk. He emphasizes the symbiotic relationship between risk-taking and profitability, encouraging aspiring entrepreneurs to be bolder in their endeavors.
Finally, Yog poses a thought-provoking question for the next guest on the podcast: “If you are going to bring change to the world, what would that change be and why?” This question aims to elicit insights into the future aspirations and motivations of fellow web3 enthusiasts.
In this enlightening podcast episode, Yog’s journey from a digital entrepreneur to a blockchain pioneer showcases the power of technology to reshape industries and create a positive societal impact. His innovative projects, Ekta and Farmsent, exemplify the transformative potential of blockchain in real estate and agriculture, offering solutions to long-standing challenges and paving the way for a more sustainable and equitable future.
